PRIOR PRINTER'S NO. 3422
PRINTER'S NO. 3456
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2783
Session of
2022
INTRODUCED BY WENTLING, ARMANINI, CAUSER, JAMES, TWARDZIK AND
ZIMMERMAN, AUGUST 22, 2022
AS REPORTED FROM COMMITTEE ON COMMERCE, HOUSE OF
REPRESENTATIVES, AS AMENDED, SEPTEMBER 13, 2022
AN ACT
Amending Title 12 (Commerce and Trade) of the Pennsylvania
Consolidated Statutes, in Pennsylvania Industrial Development
Program, further providing for job creation and providing for
terms and repayment of loans.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 3011 of Title 12 of the Pennsylvania
Consolidated Statutes is amended to read:
§ 3011. Job creation and capital investment.
(a) General rule.--The authority shall establish [minimum
levels of job creation for loans under this chapter, or a
requirement that one new job be created for a certain amount of
funds loaned.]:
(1) Minimum levels of job creation or retention which
may include a requirement that one job be created or retained
for a certain amount of funds loaned.
(2) Capital investment requirements for a loan under
this chapter.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
(b) Levels of job creation.--In establishing the minimum
levels of job creation, the authority shall consider
unemployment statistics, inflation, the authority's cash flow
and the need to keep this Commonwealth and the businesses of
this Commonwealth competitive. Notice of job creation
requirements must be submitted to the Legislative Reference
Bureau for publication in the Pennsylvania Bulletin.
(c) Levels of capital investment.--In establishing the
minimum levels of capital investment requirements, the authority
shall consider unemployment statistics, inflation, the
authority's cash flow and the need to keep this Commonwealth and
the businesses of this Commonwealth competitive. Notice of
capital investment requirements must be submitted to the
Legislative Reference Bureau for publication in the Pennsylvania
Bulletin.
Section 2. Title 12 is amended by adding a section to read:
§ 3012. Terms and repayment of loans.
The authority shall set loan terms that ensure taxpayer
accountability and have the authority to seek APPROPRIATE
RESTITUTION FOR THE AUTHORITY, INCLUDING, BUT NOT LIMITED TO,
immediate full loan repayment from a borrower should the loan
terms be violated.
Section 3. This act shall take effect in 60 days.
20220HB2783PN3456 - 2 -
<--
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23